In original terms, the March balance on goods and services was a deficit of $2,249m, an increase of $2,148m on the deficit in February. Goods and services debits rose $2,182m (18%) and goods and services credits rose $34m.

In the nine months to March, exports of non-rural and other goods were down $6.9b (10%) and rural goods were down $3.0b (15%) on the corresponding period in 2002-03.

NOTES

REVISIONS

In original terms, revisions since the previous issue have decreased the deficit on goods and services for the eight months to February 2004 by $41m. The revision to the February 2004 estimate was a decrease on the deficit of $17m.

The revisions are the result of incorporating the latest available data relating to merchandise trade and the quarterly Survey of International Trade in Services.

FEATURE ARTICLES

Three feature articles have been released on the ABS web site <http://www.abs.gov.au> concurrently with the release of this publication. The articles are:

Australia's Trade with the USA, which shows Australia's trading patterns with the USA, in goods and services, prior to the proposed implementation of a free trade agreement between the two nations.

International Trade in Services by Partner Country, 2003

International Trade in Services by State, 2003

The latter two articles provide comparable data to those released on 30 October 2003 for the financial year 2002-03.

To access these articles on the web site select:

Themes then International Trade then Topics of Interest

CAUTIONARY NOTE

The tables in this publication are presented on two bases. Tables 1-6 contain estimates of Australia's international trade in goods and services which have been adjusted for coverage, valuation and timing to a balance of payments basis. Tables 7-10 contain estimates of merchandise exports and imports based on Australian Customs Service records. Paragraph 5 of the Explanatory Notes provides an explanation of the difference between these bases.

INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Artur Andrysiak on Canberra (02) 6252 6792.

ANALYSIS AND COMMENTS

BALANCE ON GOODS AND SERVICES

The trend estimate of the balance on goods and services in March 2004 was a deficit of $1,927m, a decrease of $9m on the deficit in February.

In seasonally adjusted terms, the balance on goods and services in March 2004 was a deficit of $1,986m, an increase of $258m on the deficit in February.

The sum of the seasonally adjusted balances for the three months to March 2004 was a deficit of $5,610m, a decrease of $128m on the deficit of $5,738m for the three months to December 2003. However, if the more detailed seasonal factors used in compiling quarterly Balance of Payments are applied, the March quarter 2004 deficit was $6,267m, an increase of $488m on the revised December quarter 2003 deficit of $5,779m.

EXPORTS OF GOODS AND SERVICES

The trend estimate of goods and services credits rose $18m in March to $11,814m.

textiles, clothing and footwear, up $106m (28%), in contrast to an average February to March fall of 13% over the previous three years

consumption goods n.e.s., up $179m (19%), compared with an average February to March rise of 3% over the previous three years

food and beverages, up $68m (18%), compared with an average February to March rise of 7% over the previous three years.

Offsetting these effects by about 4 percentage points was the adjustment made as part of the regular seasonal adjustment process to take into account different trading day patterns in February and March.

Capital goods

The trend estimate of imports of capital goods fell $19m (1%) to $2,549m.

Imports of intermediate and other goods, in original terms, rose $722m (16%) to $5,188m.

Contributing to the fall in the seasonally adjusted series were:

adjustments made as part of the regular seasonal adjustment process to take into account the length of the month and different trading day patterns in February and March, which contributed about 4 percentage points to the fall

fuels and lubricants, up $64m (7%), compared with an average February to March rise of 28% over the previous three years

other merchandise goods, down $135m (63%), in contrast to an average February to March rise of 17% over the previous three years

primary industrial supplies n.e.s., up $16m (21%), compared with an average February to March rise of 44% over the previous three years.

Offsetting these effects were:

other goods, up $138m (40%), in contrast to an average February to March fall of 7% over the previous three years

processed industrial supplies n.e.s., up $235m (27%), compared to an average February to March rise of 9% over the last three years

other parts for capital goods, up $122m (20%), compared to an average February to March rise of 6% over the last three years.

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